Dallas, Texas, Sept. 12, 2022 (GLOBE NEWSWIRE) -- The global Cyber Insurance Market is estimated to grow at a CAGR of 22.43% and reach a market value of USD 38.65 Billion during the forecast period.
The global cyber insurance market is driven by excessive cyber-attacks and data breaches occurring across the world. Businesses must have cyber insurance to reduce the loss caused due to a data breach which may otherwise lead to a business shock. Cyber insurance suggests policies and procedures that help businesses better manage their data warehouse. Cyber insurance provides risk coverage against the loss of private or confidential data containing sensitive information about others. To protect business data, cyber insurance provides a documented retention process to avoid the storage of unrequired data. Widespread digitization has led to maximized exposure of critical data to theft and phishing which may lead to severe financial loss. Having cyber insurance provides businesses with the ability to absorb cyber-attacks.
Based on the insurance type, the global cyber insurance market can be classified into cyber liability and data breach. Although data breach provides financial coverage against the loss of crucial data most businesses opt for cyber liability due to its ability to provide financial as well as legal protection. Cyber liability provides broader protection and risk coverage and is crucial for businesses that deal with personally identifiable data. Data breach on the other hand serves as a subset of cyber liability and only deals with first-party insurance. The cyber liability type covers both first and third-party insurance for the business. Cyber insurance is of utmost importance for businesses dealing with sensitive data including credit card information, bank details and address.
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Global Cyber Insurance Market Scope:
| Metrics | Details |
| Study Period | 2019-2029 |
| Market Size in 2031 | USD 38.65 Billion |
| Segment Covered | Component, Insurance type, Coverage type, Enterprise, End user, Regions |
| Component Covered | Solution and Services |
| Type Covered | Standalone and Tailored |
| Coverage Type Covered | First-Party, Liability Coverage |
| End User Covered | Healthcare, Retail, BFSI, IT & Telecom, Manufacturing and Others |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Allianz, Aon plc, AXA, American International Group, Inc., Berkshire Hathway Inc., Lockton Companies, Inc., Munich Re, Lloyd’s of London Ltd., The Chubb Corporation, and Zurich |
Additionally, certain highly advanced improvements and inventions by key market participants have greatly facilitated the expansion of the global cyber insurance market. Security Scorecard made its products available in the AWS marketplace in June 2020, which would provide users with the ability to monitor the overall security system and level of protection. Elpha Secure collaborated with Axis Capital in March 2021 to provide enhanced protection against data breaches for small enterprises. Microsoft launched defender in 2022 to enrich the security system of SMEs. This will help to minimize cyber risk and provide an end-point response. On August 2 2022, The Cost of Data Breach was launched by Black to analyze the financial impact of cyber-attacks in the period of 2017-2022. Due to recent mergers and technological advancements, the market for cyber insurance has seen a significant rise.
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The North-American region is poised to grow fastest in the cyber insurance segment. Being the hub of major market players, North America has experienced a significant rise in cyber security concerns leading to the growth of the cyber insurance market. Extensive research and development along with significant growth of cloud-based storage have led to maximized adoption of cyber insurance by businesses. The regional cyber insurance industry is driven by the rules put in place by the government to protect customer data. Increased risk of cyber-attacks and focus to protect large volumes of confidential data drive the cyber insurance market in this region.
Major Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Cyber insurance Market By component, 2022-2029 (USD Million)
5. Cyber insurance market by Insurance type, 2022-2029 (USD Million)
6. Cyber insurance market by Coverage type, 2022-2029 (USD Million)
7. Cyber insurance market by Enterprise size, 2022-2029 (USD Million)
8. Cyber insurance market by End user, 2022-2029 (USD Million)
9. Cyber insurance market by region, 2022-2029 (USD Million)
10. Competitive Landscape
11. Company Profiles
12. Appendix
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